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Kenyan businessman and senior banking executive Andrew Ndegwa has experienced a significant rebound in his fortunes, witnessing a notable surge in the market value of his stake in NCBA Group following a string of recent losses.
The market value of Ndegwa’s stake in NCBA has increased by Ksh305.35 million ($1.99 million) in the past 19 days — this is attributed to renewed buying interests among investors leading to the recent surge in the shares of the Nairobi-based financial services conglomerate.
NCBA shares rally 11.43 percent, propelling market cap above $420 million
NCBA Group is an East African financial services conglomerate headquartered in Nairobi, Kenya. Aside from its operations in Kenya, the group has an operational footprint in Kenya, Tanzania, Rwanda, Uganda, and Cote D’Ivoire.
Since Nov. 10, the share price of the lender has increased 11.43 percent — from Ksh35 ($0.2285) to Ksh39 ($0.2546) at the time of writing — thus pushing its market capitalization above $420 million and ranking it as the fifth most valuable company on the Nairobi Securities Exchange.
Andrew Ndegwa’s NCBA stake nears $20-million valuation
As a director on the board of the financial services giant, Ndegwa holds a significant 4.63-percent stake in NCBA Group, translating to 76,336,855 ordinary shares—this cements his position as one of Kenya’s wealthiest individuals.
As a result of the double-digit percent surge in NCBA Group shares, the market value of Ndegwa’s 4.63-percent stake in the lender has increased from Ksh2.67 billion ($17.44 million) on Nov. 11 to Ksh2.98 billion ($19.43 million) at the time of writing—returning a total gain of Ksh305.35 million ($1.99 million) to the Kenyan businessman.
This recent surge firmly solidifies Ndegwa’s position as one of Kenya’s wealthiest investors, reaffirming his standing as a prominent figure in the country’s business scene.
